US Market News
7日前
The SpaceX IPO Lifted the Whole Space Economy -- Including the Public Companies Building the Road Back to the MoonJune 27, 2026 5:30 PM
PR Newswire (Canada) Editorial Commentary — Commercial Space SeriesSpaceX's listing drew investor attention to the broader space economy, including lunar infrastructure. Intuitive Machines (Nasdaq: LUNR) has emerged as a leading public name in NASA's commercial Moon program, with record revenue and a US$1.1 billion backlog.VANCOUVER, BC, June 27, 2026 /CNW/ -- American News Group Market Commentary, The public listing of Space Exploration Technologies Corp. (NASDAQ: SPCX) As the most valuable private enterprise in the world arrived on the public market, it reframed the entire space sector as an investable theme — and capital began searching for the listed names attached to each piece of the opportunity. Among the threads that drew fresh attention was one of the most evocative: the return to the Moon. Get our free Orbital Economy Signal Brief for plain-English intelligence on the commercial-space sector, delivered as it moves. Key TakeawaysThe SpaceX IPO reframed space as a public-market theme, and reporting noted a broad rally across space stocks tied to lunar and Moon-base initiatives.Intuitive Machines (Nasdaq: LUNR) reported record Q1 2026 revenue of about US$186.7 million, nearly triple the prior year, with a backlog of about US$1.1 billion.Growth was driven by its US$800 million Lanteris Space Systems acquisition and NASA and U.S. Space Force contracts, including selection for the Andromeda IDIQ with a ceiling reported up to US$6.2 billion.Other listed names spanning lunar and space infrastructure include Voyager Technologies (NYSE: VOYG) and Boeing (NYSE: BA) — each distinct, and neither a proxy for the other.From One Mega-IPO to a Sector-Wide Re-RatingReporting around the period noted a rally across space stocks tied to NASA's lunar ambitions and Moon-base planning. SpaceX itself is central to that story — its Starship is integral to NASA's Artemis program — but the lunar economy is being built by a wider set of companies, several of them already public. The one that has moved most decisively into that role is Intuitive Machines.Intuitive Machines: A Lunar Pioneer Turning Into a Space PrimeIntuitive Machines (Nasdaq: LUNR), based in Houston, first drew headlines as a lunar-lander company — its Nova-C spacecraft became the first U.S. vehicle to soft-land on the Moon since Apollo. But its 2026 story is one of transformation from a single-mission lunar specialist into a vertically integrated, multi-domain space contractor. In the first quarter of 2026, the company reported record revenue of about US$186.7 million — nearly triple the prior-year period — alongside positive adjusted EBITDA of US$2.7 million and a contracted backlog of roughly US$1.1 billion.The leap was powered by its roughly US$800 million acquisition of Lanteris Space Systems, which broadened the company well beyond landers, plus a run of government awards. Management described a revenue mix split across commercial, civil, and national-security customers, and pointed to milestones including a NASA Commercial Lunar Payload Services task order for its IM-5 mission and selection for the U.S. Space Force's Andromeda IDIQ, a space-domain-awareness program with a ceiling reported as high as US$6.2 billion. The company reaffirmed full-year 2026 revenue guidance of US$900 million to US$1 billion.As ever, the counterweight matters. Intuitive Machines carries concentrated exposure to government contracts and their appropriations timing, integration risk from rapid acquisitions, and the simple reality that lunar missions are difficult — its earlier landing famously tipped on touchdown while still returning data. The backlog provides visibility; it does not eliminate execution risk.Why the Lunar Economy Is Suddenly an Investment CategoryThe deeper shift the SpaceX IPO helped surface is that "going to the Moon" has become a procurement program, not just an exploration goal. NASA's Artemis effort and its associated Moon-base planning are designed to be executed substantially through commercial contracts — landers, terrain vehicles, communications relays, and surface infrastructure bought from private companies. That converts a national ambition into a recurring revenue opportunity for the firms positioned to win the work, and it is why a lunar-services company's backlog and contract wins now read like those of any other government-exposed growth business. Intuitive Machines has leaned directly into that, expanding from landers into space-to-Earth data relay through planned acquisitions of ground-station assets, building toward the kind of integrated infrastructure the program will need for years. Tracking how this sector is being repriced in real time? Join the free Orbital Economy Signal Brief to follow the shifts as they happen.The Wider Lunar-and-Infrastructure FieldA couple of other listed companies frame the broader infrastructure landscape around the lunar and space-services theme — each distinct, and neither a proxy for the other. Voyager Technologies (NYSE: VOYG) is a space-and-defense technology company working across propulsion, precision systems, and space-infrastructure programs, and has been awarded a series of defense and space contracts as it builds out its platform. Boeing (NYSE: BA) anchors the large-cap, incumbent end: a diversified aerospace-and-defense prime with deep space heritage spanning human spaceflight, satellites, and major NASA programs. It is the steadier, established route into the same broad theme, with none of the pure-play torque — or the pure-play risk — of a smaller name. Together they show a lunar-and-space-infrastructure trade that runs from focused specialists to century-old primes, all drawn closer to the spotlight as SpaceX's listing re-rated the category — though each remains tied to its own contracts and execution.Another Name in the Space-Access FieldAmong the smaller, specialized names in the field is Starfighters Space, Inc. (NYSE American: FJET), referenced here purely for context and not as a recommendation. Over recent months the company has announced a series of partnership and development steps, including engaging Integrated Launch Solutions (ILS) to support mission design and range integration for its STARLAUNCH pathway, joining the NSF-proposed C-STARS research consortium at the University of Florida, and expanding a partnership with Mu-g Technologies on microgravity research. The company has said it is targeting a STARLAUNCH II space-demonstration flight over a roughly 18-to-24-month window, subject to regulatory approvals and execution. These are the company's own publicly stated plans.The Bottom LineSpaceX's arrival on the public market turned the space economy into a theme investors feel they must understand — and the road back to the Moon is one of its most tangible pieces. Intuitive Machines has positioned itself as a leading public name in that build-out, with record revenue, a billion-dollar-plus backlog, and a deliberate pivot from lunar lander to multi-domain space prime. The opportunity is real and contract-backed; so are the risks of government timing and acquisition integration. For investors drawn to the lunar story the SpaceX IPO helped illuminate, the names are now public and the milestones are now scheduled — with the data, as always, still to be delivered. To keep a closer eye on the launch, satellite, lunar, and space-data economy as it develops, sign up for the free Orbital Economy Signal Brief.SIGNAL OVER NOISESignal over noise. Space, lunar, and defense headlines move fast — and the crowd often moves first. Eagle Eye is a real-time investor signal-intelligence platform that surfaces sentiment shifts, news flow, and trending tickers as they happen, so you see the move forming instead of reading about it later. See it at eagle-eye.dev.CONTACTAmerican News Group
info@americannewsgroup.comSOURCES[1] Space Exploration Technologies Corp. (SpaceX), Form S-1 registration statement (proposed Nasdaq symbol SPCX), May–June 2026, sec.gov; contemporaneous reporting on space-sector reaction.
[2] Intuitive Machines, Inc. (Nasdaq: LUNR), Q1 2026 financial results (record revenue, US$1.1B backlog, Lanteris, Andromeda IDIQ, IM-5), May 2026.
[3] Voyager Technologies, Inc. (NYSE: VOYG), corporate and contract disclosures, 2026.
[4] The Boeing Company (NYSE: BA), corporate and space-program disclosures, 2026.
[5] Starfighters Space, Inc. (NYSE American: FJET), company press releases (Integrated Launch Solutions engagement; C-STARS; Mu-g partnership; STARLAUNCH II demonstration timeline), 2026.DISCLAIMERIMPORTANT — PLEASE READ: This article is editorial commentary and was NOT paid for, requested, commissioned, reviewed, or approved by any of the companies named in it, nor by Creative Direct Marketing Group ("CDMG"). No company mentioned in this article paid for or had any involvement in its preparation or publication. The disclosures that follow are provided in the interest of full transparency regarding our broader business relationships, even though they do not apply to this specific article.Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This publication is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. American News Group is owned and operated by Market IQ Media Group Limited, a company incorporated under the laws of Ireland ("MIQL"). As part of its ongoing business, MIQL has been paid fees by CDMG for advertising and digital media for Starfighters Space, Inc. (NYSE American: FJET) in connection with separate, paid campaigns; those paid materials are distinct from this article, which is unpaid editorial. This relationship constitutes a potential conflict of interest as to our ability to remain objective in our commentary regarding Starfighters Space, Inc., and readers are strongly encouraged not to use this publication as the basis for any investment decision. MIQL and its owner/operators do not own shares of Starfighters Space, Inc. or of any other company named in this article in connection with this piece, but reserve the right to buy and sell securities of any company mentioned at any time without further notice. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our publication is not trustworthy unless verified by their own independent research. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS: This publication contains forward-looking statements concerning the companies referenced and the commercial-space sector, including statements regarding the proposed initial public offering of Space Exploration Technologies Corp. ("SpaceX") and its reported terms, which are based on third-party reporting and SpaceX's own filings and remain subject to change until and unless finalized; product development, launch and mission timelines; contract awards and backlog; and broader market conditions. Forward-looking statements are not guarantees of future results and are subject to risks and uncertainties — including execution, regulatory, financing, competitive and macroeconomic risks — that could cause actual results to differ materially, as detailed in each referenced company's filings with the U.S. Securities and Exchange Commission at www.sec.gov. References to SpaceX are for thematic and contextual purposes only; SpaceX is a separate company with no affiliation to the publisher, and nothing herein is an offer to buy or sell, or a solicitation of any offer to buy or sell, securities of SpaceX or any other company. Figures attributed to named companies are drawn from those companies' public disclosures. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made; the publisher undertakes no obligation to update or revise them except as required by applicable law. View original content to download multimedia:https://www.prnewswire.com/news-releases/the-spacex-ipo-lifted-the-whole-space-economy--including-the-public-companies-building-the-road-back-to-the-moon-302812547.html Original: The SpaceX IPO Lifted the Whole Space Economy -- Including the Public Companies Building the Road Back to the Moon
US Market News
1週前
A Former NASA Deputy Administrator Just Joined the Company Flying the World's Only Mach 2+ Commercial Jet FleetJune 26, 2026 9:30 AM
PR Newswire (US) Issued on behalf of Starfighters Space, Inc.Starfighters Space, Inc. (NYSE: FJET) has launched a Strategic Advisory Board and named retired astronaut and former NASA Deputy Administrator Frederick D. Gregory as its inaugural member, a credibility signal as the company scales hypersonic flight testing and air-launch operations.CAPE CANAVERAL, Fla., June 26, 2026 /PRNewswire/ -- USA News Group News Commentary - When a small, fast-moving company lands an advisor of genuine national stature, it is worth paying attention to. On its latest announcement, Starfighters Space, Inc. (NYSE: FJET), the company operating the world's only commercial fleet of flight-ready Mach 2+ supersonic aircraft, did exactly that, forming a new Strategic Advisory Board and naming retired astronaut and former NASA Deputy Administrator Frederick D. Gregory as its inaugural member. Key TakeawaysStarfighters Space (NYSE: FJET) formed a Strategic Advisory Board and appointed Frederick D. Gregory, retired astronaut and former NASA Deputy Administrator, as its inaugural member.Gregory brings a rare résumé: three Space Shuttle missions (455+ hours in space), former NASA Acting Administrator, former head of NASA Safety & Mission Assurance, and direct experience with the F-104 Starfighter, the very aircraft Starfighters flies.Starfighters operates the world's only commercial fleet of flight-ready Mach 2+ supersonic aircraft from NASA's Kennedy Space Center, and is advancing STARLAUNCH, its responsive air-launch platform.The move lands amid a defense and space-testing spending surge; FJET sits in the broader trade alongside Karman Holdings (NYSE: KRMN), AST SpaceMobile (NASDAQ: ASTS), BlackSky (NYSE: BKSY), and Boeing (NYSE: BA).A Heavyweight Joins the Cockpit-SideThe board was created to give Starfighters streamlined access to experienced space, defense, government, and technical leaders, offering subject-matter expertise and mentorship as the company expands its high-speed space-testing services, live atmospheric flight activities, and future air-launch initiatives. Gregory is the first name on it, and a marquee one.Why Gregory MattersColonel Gregory's career spans nearly every layer of American spaceflight. Selected as a NASA astronaut in 1978, he logged more than 455 hours in space across three Space Shuttle missions, serving as Spacecraft Commander on Discovery (STS-33) and Atlantis (STS-44). He went on to senior NASA leadership, ultimately serving as the agency's Deputy Administrator and Acting Administrator, and earlier as Associate Administrator for Safety and Mission Assurance, the role responsible for the safety culture underpinning the nation's most critical space programs.For Starfighters, the fit is unusually precise. As a decorated U.S. Air Force test pilot, Gregory has direct operational experience with the F-104 Starfighter, the exact platform the company flies. An advisor who has both run NASA's safety apparatus and personally flown the aircraft at the center of the business is a rare combination, and it speaks directly to the discipline required in high-velocity flight testing."Fred has the perfect background to help Starfighters Space grow," said Tim Franta, Chief Executive Officer of Starfighters Space. "His unique experience as a pilot, astronaut, former Deputy Administrator of NASA, and especially as the former head of Safety and Mission Assurance at NASA provides a strategic perspective that very few individuals in the world can offer. Just as importantly, Fred deeply understands the F-104 platform and the rigorous culture of high-velocity flight testing."Franta added that Gregory's focus on safety culture is exactly what the company values most: "I couldn't be happier or in better hands than with Fred Gregory reviewing our safety and mission assurance practices and procedures. I truly appreciate his commitment to keeping us focused on what is most important."Gregory framed the opportunity in mission terms: "Starfighters Space possesses unique capabilities that can support a wide range of commercial, research, government, and national security missions. I am honored to join the Strategic Advisory Board and look forward to helping the Company continue expanding its role in space testing, space research, and future space-access opportunities."The Business Behind the HeadlineOperating from NASA's Kennedy Space Center in Florida, Starfighters maintains the world's only commercial fleet of flight-ready F-104 supersonic aircraft capable of sustained Mach 2+ operations. That fleet is the foundation for a business focused on high-speed flight operations, hypersonic testing, space research, and air-launch. Its centerpiece development program, STARLAUNCH, is a responsive airborne launch platform designed to support commercial, government, research, and national-security missions, with capabilities spanning payload deployment, airborne space testing, microgravity and high-speed flight environments, and reusable airborne launch infrastructure.The timing is notable. Defense and space-testing budgets are climbing, with the House Armed Services Committee signaling a roughly trillion-dollar baseline defense budget as a permanent planning floor and the Pentagon investing to expand hypersonic flight-test throughput, an area where capacity has become a binding constraint across the industry. A company that can put experimental payloads into high-speed flight environments quickly and repeatedly is positioned squarely in that demand. Adding an advisor of Gregory's stature is the kind of credibility marker that can matter when the customers are government agencies and defense programs.The Broader Space & Hypersonic TradeStarfighters is a small, specialized entrant in a sector drawing heavy institutional capital. Four names help frame the landscape, though each carries its own risk profile and none is a proxy for FJET. Karman Holdings (NYSE: KRMN) is the closest thematic fit: it designs payload-protection, propulsion, and interstage systems for missile-defense, hypersonics, and space-launch programs, and posted record fiscal 2025 revenue of about US$471.5 million, up roughly 37%, while raising 2026 guidance to the US$720–735 million range, a direct read on how fast hypersonic-related demand is growing. AST SpaceMobile (NASDAQ: ASTS) represents the well-capitalized new-space cohort: a direct-to-device satellite-broadband builder with roughly US$3.5 billion in cash and 2026 revenue guidance of US$150–200 million, it shows the scale of capital flowing into public space names.BlackSky Technology (NYSE: BKSY) anchors the defense-intelligence angle, providing real-time satellite imagery and analytics to government and intelligence customers, it recently won a multi-year, sole-source US$99 million U.S. government contract, underscoring the national-security spending FJET also targets. And Boeing (NYSE: BA) anchors the large-cap end as a diversified aerospace-and-defense incumbent with deep space and flight-test heritage, offering the steadier, established route into the same broad theme. Together they illustrate a sector being re-rated by defense priorities and commercial-space momentum, the current Starfighters is trying to ride with a genuinely differentiated asset.The Bottom LineAn advisory-board appointment is not a contract or a revenue event, and Starfighters remains an early-stage company executing an ambitious plan. But credibility compounds: when a former NASA Deputy Administrator who has personally flown your aircraft signs on to guide your safety and operations strategy, it sends a signal to the government and defense customers that matter most. The next markers to watch are how the advisory board fills out, progress on STARLAUNCH, and any movement from flight-test capability toward funded missions.SIGNAL OVER NOISESignal over noise. Space, defense, and hypersonic-testing headlines move fast, and the crowd often moves first. Eagle Eye is a real-time investor signal-intelligence platform that surfaces sentiment shifts, news flow, and trending tickers as they happen, so you see the move forming instead of reading about it later. See it at eagle-eye.dev.CONTACT
USA News Group
info@usanewsgroup.comSOURCESStarfighters Space, Inc., "Starfighters Space (NYSE: FJET) Forms Strategic Advisory Board and Appoints Former NASA Deputy Administrator Fred Gregory as Inaugural Member," June 2026.Karman Holdings Inc. (NYSE: KRMN), full-year 2025 results and 2026 guidance, 2026.AST SpaceMobile, Inc. (NASDAQ: ASTS), Q1 2026 results and business update, May 11, 2026.BlackSky Technology Inc. (NYSE: BKSY), 2025 results and U.S. government IDIQ award disclosures, 2026.The Boeing Company (NYSE: BA), corporate and defense/space program disclosures, 2026.DISCLAIMERNothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by USA News Group on behalf of Market IQ Media Group Limited, a company incorporated under the laws of Ireland ("MIQL"). MIQL has been paid a fee for Starfighters Space, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Starfighters Space, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. MIQL and its owner/operators do not own any shares of Starfighters Space, Inc., but reserve the right to buy and sell shares of Starfighters Space, Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQL has been reviewed and approved on behalf of Starfighters Space, Inc. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS: This publication contains forward-looking information subject to risks and uncertainties, including statements regarding the contributions of the Strategic Advisory Board and its members; the advancement of the STARLAUNCH platform; infrastructure expansion; hypersonic and high-speed flight-testing capabilities; future launch and space-access operations; operational scaling; and broader space- and defense-market opportunities. Risks include regulatory and launch-licensing requirements; operational execution and development timelines; competitive market conditions; customer adoption and the conversion of capabilities into funded contracts; capital requirements; government-contracting risk; and macroeconomic and industry conditions, as well as other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made; the publisher undertakes no obligation to update or revise them except as required by applicable law.Logo: https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg View original content:https://www.prnewswire.com/news-releases/a-former-nasa-deputy-administrator-just-joined-the-company-flying-the-worlds-only-mach-2-commercial-jet-fleet-302811814.html Original: A Former NASA Deputy Administrator Just Joined the Company Flying the World's Only Mach 2+ Commercial Jet Fleet
US Market News
2月前
The Defense Industrial Base Is Ramping at a Generational Pace -- and a Florida Air-Launch Operator Just Built the Engineering Layer to Fit Into ItMay 19, 2026 8:35 AM
PR Newswire (US) Issued on behalf of Starfighters Space, Inc.Record backlogs, raised guidance, Department of War strategic investments in propulsion capacity, multi-year framework agreements, and a $1 trillion-plus defense procurement environment are defining 2026. Starfighters Space (NYSE American: FJET) just engaged Integrated Launch Solutions to add launch, range, licensing and mission integration depth to its STARLAUNCH pathway as the U.S. defense and commercial space markets converge into a single capacity-constrained opportunity.CAPE CANAVERAL, Fla., May 19, 2026 /PRNewswire/ -- USA News Group News Commentary — Strip away the press cycle and the defining feature of the 2026 defense and space landscape is straightforward: the customer is no longer the constraint. The Pentagon has the funding, the program authority, and the political mandate. The senior primes have the order book. What the entire system now needs is delivery capacity — the production lines, the integration engineering, the range coordination, the licensing throughput, and the operational tempo required to convert backlog into hardware on the ramp. That is the structural backdrop for the latest move from Starfighters Space, Inc. (NYSE American: FJET), the Cape Canaveral-based operator of the world's fastest fleet of commercial supersonic aircraft. The Company announced it has engaged Integrated Launch Solutions, Inc. ("ILS") to provide engineering and technical integration support as Starfighters advances the STARLAUNCH pathway from design and analysis toward flight and launch services. [1]ILS will serve as an extension of the Starfighters team, providing subject matter expertise across mission design, analysis, and simulation; systems engineering and technical integration; regulatory and safety compliance; and range integration. [1] The work is expected to support program planning, requirements definition, trajectory analysis, licensing strategy, range coordination and related integration activities. The ILS resource pool brings experience from Boeing, Lockheed Martin, United Launch Alliance, SpaceX and the U.S. Air Force, with prior work supporting the U.S. Air Force, the National Reconnaissance Office, NASA and commercial customers.For more information on Starfighters Space, read the entire USA News Group Report"STARLAUNCH is a pathway, and the pathway depends on execution," said Tim Franta, Chief Executive Officer of Starfighters Space, in the announcement. He framed the engagement as adding "process discipline and execution capacity required to expedite space launch development from concept through flight readiness." [1] The ILS work layers on top of the appointments earlier this month of Jose Arias as Vice President, Space Operations, and Catrina L. Medeiros as Director, STARLAUNCH Operations — both senior leaders drawn from Blue Origin's New Glenn program. [2]What makes this move materially significant is not the engagement itself — it is the scale of the demand environment Starfighters is building into. Across the senior aerospace and defense complex, Q1 2026 prints have been defined by record backlogs and explicit commentary on capacity expansion as the binding constraint.RTX Corporation (NYSE: RTX) reported Q1 2026 sales of $22.1 billion on April 21, 2026, up 9% versus the prior year and up 10% organically. [3] Raytheon booked $6.6 billion of awards in the quarter, including over $600 million for Patriot equipment to the Netherlands and more than $400 million from the U.S. Army for lower-tier air and missile defense sensors, with an additional $900 million in awards for Standard Missile and Tomahawk. Munitions output grew over 40% year-over-year, and Raytheon posted its 12th consecutive quarter of material growth. [4] CEO Chris Calio described five "landmark framework agreements" Raytheon signed with the Department of War for Tomahawk, AMRAAM, and the Standard Missile family — agreements management said would, once finalized, provide firm demand signals to support production ramps "well above existing rates over the next decade." [4] RTX raised its full-year 2026 outlook for adjusted sales and adjusted EPS on the print.L3Harris Technologies, Inc. (NYSE: LHX) reported Q1 2026 revenue of $5.74 billion on April 30, 2026 — up 12% year-over-year, with organic revenue growth of 15% — and posted contractual backlog of $40.7 billion, with a book-to-bill ratio for the quarter of 1.4. [5] Management raised full-year EPS guidance to $11.40 to $11.60. [6] In April, the Company closed a $1.0 billion strategic investment from the Department of War in its Missile Solutions (MSL) business, structured as a convertible preferred security to convert into equity at IPO. [5][6] The funds are earmarked for expanding and modernizing solid rocket motor production facilities in Camden, Arkansas; Huntsville, Alabama; and Orange, Virginia — facilities critical to manufacturing PAC-3, THAAD, Tomahawk, and Standard Missile systems. The carve-out missile entity has been named Axyv following a confidential S-1 filing, with the IPO targeting the second half of 2026. [6] L3Harris also disclosed the Hypersonic and Ballistic Tracking Space Sensor (HBTSS) successfully demonstrated tracking against a hypersonic target. [7]The Boeing Company (NYSE: BA) reported Q1 2026 revenue of $22.2 billion on April 22, 2026, with the Defense, Space & Security segment posting revenue of $7.6 billion — up 21% year-over-year — and operating margins improving to 3.1%. [8] During the quarter, Defense, Space & Security signed a seven-year framework agreement to expand PAC-3 Seeker production and announced a strategic partnership with Rheinmetall to offer the MQ-28 Ghost Bat to Germany. [8] In April 2026, the Boeing-built Space Launch System core stage rocket propelled the successful Artemis II mission to the Moon. [9] Backlog at Defense, Space & Security grew to a record $86 billion, with 27% representing orders from customers outside the U.S. On the earnings call, management noted higher demand in defense given increased operational tempo, framing it as a natural offset to potential commercial MRO weakness. [10]Voyager Technologies, Inc. (NYSE: VOYG) — a defense and space technology company best known for leading development of Starlab, the commercial space station being developed as a replacement for the ISS — has been positioning aggressively in the defense and national security segments. The Company priced its IPO at $31 per share in June 2025, raising $383 million, and saw shares close at $56.48 on the day of its public debut. [11] In its Q1 2026 print reported May 4, 2026, Voyager delivered net sales of $35.2 million and grew total backlog to a record $275.3 million, up 54% year-over-year, with first-quarter bookings of $45.2 million and a book-to-bill ratio of 1.3. [12] On the strength of that backlog, the Company raised its 2026 revenue guidance to a range of $230 million to $255 million, representing 39% to 53% year-over-year growth. [12] Voyager ended the quarter with $429.4 million in cash and total liquidity of $641.4 million. Starlab achieved four NASA milestones and received $24.0 million in NASA funding during the period. [12] Voyager also secured NASA's seventh Private Astronaut Mission in April 2026, designated VOYG-1, with launch targeted no earlier than 2028, and was awarded a contract with Raytheon to develop advanced technologies for the Standard Missile interceptor program. [13]What is most striking about RTX, L3Harris, Boeing's defense business, and Voyager is that none of these stories sits in isolation. They reflect a single thesis: in 2026, the U.S. defense industrial base is being asked to ramp production at a pace it has not been asked to deliver since the Cold War, and the bottleneck has moved from contract availability to integration capacity, range and licensing throughput, and operational tempo.For more information on Starfighters Space, read the entire USA News Group ReportThat is the gap Starfighters Space is positioning to address.The Asset, the Bench, and the Process Layer Now Behind STARLAUNCHStarfighters Space operates a fleet of seven modified F-104 supersonic aircraft from NASA's Kennedy Space Center, configured to act as a first-stage lifting platform that can carry payloads up to 45,000 feet for air launch to space. [1] The Company is the operator of the largest fleet of MACH 2+ capable aircraft in the world, and the only commercial operator capable of flying payloads at sustained MACH 2+ with the capability to launch those payloads to space. Its customer base includes Lockheed Martin, Meggitt, Space Florida, and the U.S. Air Force Research Laboratory.STARLAUNCH 1 is being developed as a sub-orbital vehicle designed to support short-duration microgravity missions and to serve as a pathfinder for future air-launched concepts. The Company has reported wind tunnel testing that demonstrated clean separation from the aircraft platform, followed by a Critical Design Review process. [1] Starfighters' Wind Tunnel in the Sky service uses the F-104 to fly as an airborne wind tunnel — a single 45-minute mission generates the equivalent of approximately 20 traditional 30-second ground wind tunnel runs, compressing what would otherwise take about ten days in a fixed-facility into less than an hour. [2]The ILS engagement now adds a deep bench of launch, range, licensing and mission integration experience, with prior work supporting the U.S. Air Force, the National Reconnaissance Office, NASA and commercial customers. [1] The recent Blue Origin appointments — Jose Arias and Catrina L. Medeiros — bring direct New Glenn program experience and, in Mr. Arias's case, a documented track record of compressing integration cycle time from 76 days to 13 days at Blue Origin. [2]This is what the assembly of an operationally proven team looks like when the underlying market is the U.S. defense, civil, and commercial space economy in a record-spending environment. The senior primes have signaled the demand. The Department of War has signaled the dollars. The framework agreements are in place. The bottleneck is execution.Starfighters Space (NYSE American: FJET) is building, in real time, the operational stack required to be one of the names that closes the gap.For more information on Starfighters Space, Inc. (NYSE American: FJET), visit usanewsgroup.com/fjet-landingCONTACT:USA News Group
US Market News
4月前
China's Rare Earth Grip on the U.S. Military Is About to BreakMarch 2, 2026 9:58 AM
PR Newswire (Canada)
OilPrice.com Market CommentaryNEW YORK, March 2, 2026 /CNW/ -- In a typical Chinese rare earth processing plant, 200 workers move through a maze of massive chemical tanks, risking life and limb to produce the materials that power everything from fighter jets and missile components to cellphones. Hundreds of these facilities operate across China, and they give Beijing overwhelming control over the single most critical choke point in the modern industrial economy. Companies mentioned in this release include: REalloys Inc. (ALOY), Lockheed Martin Corporation (NYSE: LMT), RTX Corporation (NYSE: RTX), The Boeing Company (NYSE: BA), Northrop Grumman Corporation (NYSE: NOC), General Dynamics Corporation (NYSE: GD).But now, in Saskatchewan, Canada, a hi-tech plant of engineers and chemists is beginning to break that monopoly.The facility is built around an AI enabled operating system that minimizes waste, reduces exposure to hazardous materials, and creates a cleaner, more secure processing chain.And one company has locked in exclusive rights to the vast majority of what that plant produces. That company is REalloys (ALOY).It operates in the part of the rare earth supply chain that barely exists outside China - the step where strategic independence is actually won or lost.As President Trump pointed out, it isn't rare earths that are critical to national security, it's the "rare processing" industry.Digging minerals out of the ground is relatively easy. Turning them into finished metals and alloys for fighter jets, drones, missile guidance systems, and advanced radar is something else entirely. That's where Western supply chains break down, and where REalloys is fighting to make a difference.The company operates its own metallization facility in Euclid, Ohio, built on nearly a decade of R&D with the U.S. Department of Energy and Department of Defense. It also holds an exclusive offtake agreement with the Saskatchewan Research Council (SRC), the government-backed group behind the AI-powered processing plant.Here's how the chain works: SRC refines rare earth feedstock sourced from allied nations across four continents. REalloys takes delivery in Ohio, converts those metals into defense-grade alloys and magnets, and has confirmed contracts with the U.S. defense industrial base.Every critical step happens on North American soil - with no Chinese chemicals, no Chinese technology, and no Chinese capital.As REalloys' Head of R&D, Andy Sherman, puts it: "Concentrates are commodities. Materials are commitments."The Pentagon doesn't buy rocks. It buys finished, defense-qualified materials.And that's exactly what this supply chain delivers.How China Accidentally Created Its Biggest CompetitionWhen REalloys (ALOY) processing partner began developing its first commercial rare earth separation facility, China controlled the overwhelming majority of global export technology. Following China's 2020 export control law, access to that technology became restricted.So the team ultimately designed and built its own separation, control and automation systems domestically – establishing independent Western rare earth processing capability.What they ended up with was an alternative to Chinese technology with better output and without the supply chain risk. As a result, the facility has automated the most labor-intensive step of rare earth processing, separating up to 17 chemically similar elements into the specific rare earths you need.In a Chinese plant, this process requires over 200 workers managing chemical tanks and adjusting valves manually. The Saskatchewan facility was able to reduce this by approximately 80 workers and an AI that receives thousands of data points every second and can make the necessary adjustments that no human team could coordinate.The plant was deliberately built at about 25-30% the capacity of a full-scale Chinese commercial facility, essentially a demonstration plant to prove the technology. At a fraction of the size, however, it already has the capability to produce much higher purity metals and higher output than Chinese plants.Commercial production is expected to start in early 2027, once the plant reaches full production REalloys (ALOY) expects to receive approximately 460 tonnes of defense-grade rare earth metals per year. That material becomes the permanent magnets inside the next generation of Western defense systems like fighter jets, missiles, and drones.Why This Matters Right NowMost people have heard that China dominates the rare earths market, about 90% of the world's rare earths are processed there. What they haven't thought through is what that actually means when the supply gets cut off.Japan figured this out decades ago and built strategic stockpiles covering two to three years of national consumption. The United States, however, has stockpiled nothing. Neither has Europe.We've been running on just-in-time supply from a country that issues rare earth export licenses on a monthly basis. If Beijing is happy with you this month, you get your allocation. If they're not, they cut it.When China briefly restricted exports last year, a Ford plant was forced to shut down almost immediately. When Trump threatened 100% tariffs, China's response was simple: no more processed rare earths. Trump backed off very quickly.Now consider the effects on the military side. In 2024, Ukraine produced 1.2 million combat drones, every single magnet in every one of them was manufactured in China. An F-35 carries 435 kilos of rare earths. A next-gen U.S. destroyer needs 4.5 tons. A nuclear submarine needs 1.5 tons.Without a secure supply of these materials, none of those systems get built, which means China effectively holds a kill switch over Western defense production.The Pentagon knows it, too. That's why new procurement rules taking effect January 1, 2027, will ban Chinese-sourced rare earths from the entire U.S. defense supply chain, from the mine all the way through to the finished product. That means every defense contractor in the country will need a qualified, non-Chinese source. REalloys is positioning to be that source."1% Reliance on China Is 100% Reliance on China"There's a reality in the rare earth industry that most companies haven't seemed to fully consider: 1% reliance on China is 100% reliance on China. If any single input in your supply chain comes from Beijing, your entire operation is one phone call away from shutting down. REalloys' (ALOY) supply chain has no Chinese inputs at any stage, processing technology, furnaces, chemicals, AI systems, or consumables. All of it is sourced outside China.Most of the competition can't say the same. You can mine rare earths in the U.S., build your own processing plant, and still be one supply disruption away from a shutdown. That's because critical parts like graphite anodes need replacing several times a week, and right now they only come from China. Starting from zero, it would realistically take five to seven years to build what REalloys already has.What Makes This Opportunity DifferentREalloys has exclusive rights to defense-grade rare earth metals through the Saskatchewan facility, including the heavy rare earths, Dysprosium and Terbium, that dramatically increase a magnet's performance. Light rare earths go into washing machines and consumer EVs. Heavy rare earths, on the other hand, go into F-35 fighter jet engines and missile guidance systems. REalloys plays the scarcer, more strategically critical end of the market, at a fraction of the valuation.Their Ohio facility converts those metals into finished alloys and magnets, and scaled production is expected to scale up to 18,000 tonnes per year of heavy rare earth permanent magnets. At that level, REalloys expects to become the largest producer of refined Dysprosium and Terbium outside of China.Washington has taken notice as well. REalloys has secured a $200 million letter of intent from the U.S. EXIM Bank. And the board reads less like a commodities company and more like a national security briefing, including a former Vice Chief of Staff of the U.S. Army, the President of GM Defense, an executive formerly from top defense companies like Raytheon and Boeing, the former Premier of Saskatchewan, and the President of Palantir Canada.The Pentagon's deadline is now months away, while competitors are still 5 to 7 years behind. REalloys (ALOY) expects to be the only company with a fully operational, non-Chinese, mine-to-magnet supply chain when it arrives, powered by six people and an AI that outperforms plants with 80 workers on the floor.Despite what most believe, the rare earth story was never about who has the raw material in the ground. It's about who can turn the raw material into something the Pentagon can actually use, and right now, that answer seems to be REalloys.Here are other companies in the defense sector that people should be watching closely over the coming months:Lockheed Martin Corporation (NYSE: LMT) remains the backbone of the U.S. defense industrial base, anchored by its leadership in advanced combat aircraft, missile systems, and integrated air and missile defense. The company's F-35 Lightning II program continues to serve as the single largest weapons system program in the world, supplying not only the U.S. military but also a growing list of allied nations.Beyond fighter jets, Lockheed is deeply embedded in missile defense architecture through systems such as THAAD and PAC-3 interceptors, both of which have seen rising demand amid renewed Middle East and Indo-Pacific tensions.RTX Corporation (NYSE: RTX), formed from the merger of Raytheon and United Technologies, has evolved into one of the most diversified defense and aerospace platforms globally. Its portfolio spans missile defense systems, advanced radars, aircraft engines, avionics, and cybersecurity solutions, giving it exposure across air, land, sea, and space domains.Raytheon's Patriot missile system remains one of the most widely deployed air defense platforms worldwide and has seen renewed demand amid heightened missile threats. RTX has also benefited from increased orders for interceptors and replenishment contracts, particularly as governments seek to strengthen layered defense systems.The company has recently focused on stabilizing margins following supply chain disruptions and cost overruns that impacted certain aerospace programs. With backlog levels remaining robust, RTX's revenue visibility remains strong, supported by long-term government contracts and allied defense procurement.While The Boeing Company (NYSE: BA) is widely known for commercial aviation, its defense, space, and security division remains a cornerstone of U.S. military procurement. The company manufactures the P-8 Poseidon maritime patrol aircraft, the KC-46 aerial refueling tanker, Apache helicopters, and various satellite and space systems critical to U.S. defense infrastructure.As geopolitical tensions elevate demand for surveillance, refueling capacity, and integrated aerospace systems, Boeing's defense division provides an important stabilizing component to the broader company profile. While commercial aviation cycles remain volatile, Boeing's defense segment ensures long-duration contract visibility and sustained Pentagon exposure.Northrop Grumman Corporation (NYSE: NOC) occupies a critical role in high-end aerospace and strategic systems. The company is the prime contractor for the B-21 Raider stealth bomber, one of the most strategically significant modernization programs in the U.S. Air Force's history. That program alone provides decades of potential production and sustainment revenue.Northrop also leads in unmanned aerial systems, missile defense integration, and space-based sensor technologies. Its exposure to next-generation aerospace and advanced stealth platforms places it at the center of U.S. long-term deterrence strategy.General Dynamics Corporation (NYSE: GD) combines shipbuilding, combat vehicles, aerospace, and IT systems under one diversified umbrella. The company's Electric Boat division produces Virginia-class submarines and Columbia-class ballistic missile submarines — programs that anchor U.S. naval deterrence.Recent submarine contracts extend production visibility well into the next decade, while geopolitical tensions continue to emphasize naval force projection and undersea capability. GD's land systems division.By. Tom KoolIMPORTANT NOTICE AND DISCLAIMER FORWARD LOOKING STATEMENTS
This publication contains forward-looking statements, including statements regarding expected continual growth of the featured companies and/or industry. The Publisher notes that statements contained herein that look forward in time, which include everything other than historical information, involve risks and uncertainties that may affect the companies' actual results of operations. Factors that could cause actual results to differ include, but are not limited to, changing governmental laws and policies concerning, among other things, recreational and medical cannabis sales, success of the company's proprietary technology, the size and growth of the market for the company's products and services, the company's ability to fund its capital requirements in the near term and long term, pricing pressures, etc. SHARE OWNERSHIP
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Original: China's Rare Earth Grip on the U.S. Military Is About to Break
US Market News
5月前
Boeing Reports Fourth Quarter ResultsJanuary 27, 2026 12:30 PM
PR Newswire (US)
ARLINGTON, Va., Jan. 27, 2026 /PRNewswire/ --Fourth Quarter 2025Acquired Spirit AeroSystems in December underscoring commitment to safety, quality, and production stabilityRevenue increased to $23.9 billion primarily reflecting 160 commercial deliveriesEarnings reflects $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction Operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billionFull Year 2025Revenue of $89.5 billion and 600 commercial deliveries reflect the highest annual totals since 2018Total company backlog grew to a record $682 billion, including over 6,100 commercial airplanes
Table 1. Summary Financial Results
Fourth Quarter
Full Year
(Dollars in Millions, except per share data)
2025
2024
Change
2025
2024
Change
Revenues
$23,948
$15,242
57 %
$89,463
$66,517
34 %
GAAP
Earnings/(loss) from operations
$8,777
($3,770)
NM
$4,281
($10,707)
NMOperating margins
36.7%
(24.7)%
NM
4.8%
(16.1)%
NMNet earnings/(loss)
$8,220
($3,861)
NM
$2,238
($11,829)
NMDiluted earnings/(loss) per share
$10.23
($5.46)
NM
$2.48
($18.36)
NMOperating cash flow
$1,331
($3,450)
NM
$1,065
($12,080)
NM
Non-GAAP*
Core operating earnings/(loss)
$8,519
($4,042)
NM
$3,236
($11,811)
NMCore operating margins
35.6%
(26.5)%
NM
3.6%
(17.8)%
NMCore earnings/(loss) per share
$9.92
($5.90)
NM
$1.19
($20.38)
NM*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $23.9 billion, reflecting improved operational performance and higher commercial delivery volume. GAAP earnings per share of $10.23 and core earnings per share (non-GAAP)* of $9.92 primarily reflect a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction, which increased earnings per share by $11.83. The company reported operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion. Total company backlog grew to a record $682 billion primarily reflecting 1,173 Commercial Airplanes net orders in the year, with all three segments at record levels."We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead," said Kelly Ortberg, Boeing president and chief executive officer. "We completed the acquisition of Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions business and remain focused on promoting stable operations, completing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing to the iconic company we all know it can be."
Table 2. Cash Flow
Fourth Quarter
Full Year
(Millions)
2025
2024
2025
2024
Operating cash flow
$1,331
($3,450)
$1,065
($12,080)
Less additions to property, plant & equipment
($956)
($648)
($2,942)
($2,230)
Free cash flow*
$375
($4,098)
($1,877)
($14,310)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." Operating cash flow was $1.3 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing. Additions to property, plant and equipment primarily reflects higher investments in Charleston and Saint Louis sites.
Table 3. Cash, Marketable Securities and Debt Balances
Quarter End(Billions)
4Q 2025
3Q 2025Cash and investments in marketable securities1
$29.4
$23.0Consolidated debt
$54.1
$53.41 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."Cash and investments in marketable securities totaled $29.4 billion, compared to $23.0 billion at the beginning of the quarter, primarily driven by $10.6 billion in proceeds associated with closing the Digital Aviation Solutions transaction and free cash flow generated in the quarter, partially offset by debt repayment associated with the acquisition of Spirit AeroSystems. Debt was $54.1 billion, up from $53.4 billion at the beginning of the quarter, primarily reflecting the acquisition of Spirit AeroSystems. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.Segment ResultsCommercial Airplanes
Table 4. Commercial Airplanes
Fourth Quarter
Full Year
(Dollars in Millions)
2025
2024
Change
2025
2024
Change
Deliveries
160
57
181 %
600
348
72 %
Revenues
$11,379
$4,762
139 %
$41,494
$22,861
82 %Loss from operations
($632)
($2,090)
NM
($7,079)
($7,969)
NMOperating margins
(5.6)%
(43.9)%
NM
(17.1)%
(34.9)%
NMCommercial Airplanes fourth quarter revenue of $11.4 billion and operating margin of (5.6) percent primarily reflect higher deliveries and improved operational performance. Results also include impacts associated with the acquisition of Spirit AeroSystems.During the quarter, the 737 program increased the production rate to 42 per month and received approval from the Federal Aviation Administration to begin the final phase of 737-10 certification flight testing. The 787 program began transitioning production to eight per month and remains focused on stabilizing at that rate. In the quarter, the 777X program began the Type Inspection Authorization 3 phase of 777-9 certification flight testing, and the company still anticipates first delivery in 2027.Commercial Airplanes booked 336 net orders in the quarter, including 105 737-10 and 5 787-9 airplanes for Alaska Airlines and 65 777-9 airplanes for Emirates. Commercial Airplanes delivered 160 airplanes and backlog included over 6,100 airplanes valued at a record $567 billion.Defense, Space & Security
Table 5. Defense, Space & Security
Fourth Quarter
Full Year
(Dollars in Millions)
2025
2024
Change
2025
2024
Change
Revenues
$7,417
$5,411
37 %
$27,234
$23,918
14 %Loss from operations
($507)
($2,267)
NM
($128)
($5,413)
NMOperating margins
(6.8)%
(41.9)%
NM
(0.5)%
(22.6)%
NMDefense, Space & Security fourth quarter revenue of $7.4 billion and operating margin of (6.8) percent reflect stabilizing operational performance and higher volume. Results also include $0.6 billion of losses on the KC-46A program primarily driven by higher estimated production support and supply chain costs.During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured a contract from the U.S. Army for 96 AH-64E Apache helicopters, and delivered the first operational T-7A Red Hawk to the U.S. Air Force at Joint Base San Antonio-Randolph. Backlog at Defense, Space & Security grew to a record $85 billion, with 26 percent representing orders from customers outside the U.S.Global Services
Table 6. Global Services
Fourth Quarter
Full Year
(Dollars in Millions)
2025
2024
Change
2025
2024
Change
Revenues
$5,209
$5,119
2 %
$20,923
$19,954
5 %Earnings from operations
$10,544
$998
NM
$13,474
$3,618
NMOperating margins
202.4%
19.5%
NM
64.4%
18.1%
NMGlobal Services fourth quarter revenue was $5.2 billion driven by higher government volume. Operating margin of 202.4 percent primarily reflects a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction.Global Services secured record annual orders of $28 billion, including an award in the quarter for C-17 flight deck replacement from the U.S. Air Force, and ended the year with a record backlog of $30 billion.Additional Financial Information
Table 7. Additional Financial Information
Fourth Quarter
Full Year(Dollars in Millions)
2025
2024
2025
2024Revenues
Unallocated items, eliminations and other
($57)
($50)
($188)
($216)
Earnings/(loss) from operations
Unallocated items, eliminations and other
($886)
($683)
($3,031)
($2,047)
FAS/CAS service cost adjustment
$258
$272
$1,045
$1,104
Other income, net
$201
$432
$1,125
$1,222
Interest and debt expense
($659)
($755)
($2,771)
($2,725)
Effective tax rate
1.2%
5.7%
15.1%
3.1%Unallocated items, eliminations and other primarily reflects timing of allocations.Non-GAAP Measures DisclosuresWe supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.Free Cash FlowFree cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.Caution Concerning Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers' and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock.Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.Contact:
Investor Relations:
Eric Hill or David Dufault BoeingInvestorRelations@boeing.comCommunications:
Wilson Chow media@boeing.com The Boeing Company and SubsidiariesConsolidated Statements of Operations(Unaudited)
Twelve months ended
December 31
Three months ended
December 31(Dollars in millions, except per share data)2025
2024
2025
2024Sales of products$75,356
$53,227
$20,445
$11,901
Sales of services14,107
13,290
3,503
3,341
Total revenues89,463
66,517
23,948
15,242
Cost of products(73,761)
(57,394)
(19,239)
(14,010)
Cost of services(11,413)
(11,114)
(2,897)
(2,821)
Total costs and expenses(85,174)
(68,508)
(22,136)
(16,831)
4,289
(1,991)
1,812
(1,589)
Income/(loss) from operating investments, net25
71
(17)
12
General and administrative expense(6,090)
(5,021)
(1,663)
(1,398)
Research and development expense, net(3,615)
(3,812)
(964)
(836)
Gain on dispositions, net9,672
46
9,609
41
Earnings/(loss) from operations4,281
(10,707)
8,777
(3,770)
Other income, net1,125
1,222
201
432
Interest and debt expense(2,771)
(2,725)
(659)
(755)
Earnings/(loss) before income taxes2,635
(12,210)
8,319
(4,093)
Income tax (expense)/benefit(397)
381
(99)
232
Net earnings/(loss)2,238
(11,829)
8,220
(3,861)
Less: net earnings/(loss) attributable to noncontrolling interest3
(12)
4
Net earnings/(loss) attributable to Boeing shareholders2,235
(11,817)
8,220
(3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period345
58
86
58
Net earnings/(loss) attributable to Boeing common shareholders$1,890
($11,875)
$8,134
($3,923)
Basic earnings/(loss) per share$2.49
($18.36)
$10.59
($5.46)
Diluted earnings/(loss) per share$2.48
($18.36)
$10.23
($5.46)
The Boeing Company and SubsidiariesConsolidated Statements of Financial Position(Unaudited)
(Dollars in millions, except per share data)December 31
2025
December 31
2024
Assets
Cash and cash equivalents$10,921
$13,801
Short-term and other investments18,479
12,481
Accounts receivable, net2,921
2,631
Unbilled receivables, net9,158
8,363
Current portion of financing receivables, net
207
Inventories84,679
87,550
Other current assets, net2,301
2,965
Total current assets128,459
127,998
Financing receivables and operating lease equipment, net241
314
Property, plant and equipment, net of accumulated depreciation of $23,613 and $22,92515,361
11,412
Goodwill17,275
8,084
Acquired intangible assets, net1,567
1,957
Deferred income taxes107
185
Investments1,048
999
Other assets, net of accumulated amortization of $1,014 and $1,0854,177
5,414
Total assets$168,235
$156,363
Liabilities and equity
Accounts payable$13,109
$11,364
Accrued liabilities27,141
24,103
Advances and progress billings59,404
60,333
Short-term debt and current portion of long-term debt8,461
1,278
Total current liabilities108,115
97,078
Deferred income taxes216
122
Accrued retiree health care2,091
2,176
Accrued pension plan liability, net4,287
5,997
Other long-term liabilities2,432
2,318
Long-term debt45,637
52,586
Total liabilities162,778
160,277
Shareholders' equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 -
20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,7506
6
Common stock, par value $5.00 – 1,200,000,000 shares authorized;
1,012,261,159 shares issued5,061
5,061
Additional paid-in capital21,441
18,964
Treasury stock, at cost - 227,562,889 and 263,044,840 shares(28,029)
(32,386)
Retained earnings17,252
15,362
Accumulated other comprehensive loss(10,277)
(10,915)
Total shareholders' equity/(deficit)5,454
(3,908)
Noncontrolling interests3
(6)
Total equity5,457
(3,914)
Total liabilities and equity$168,235
$156,363
The Boeing Company and SubsidiariesConsolidated Statements of Cash Flows
(Unaudited)
Twelve months ended December 31(Dollars in millions)2025
2024
Cash flows – operating activities:
Net earnings/(loss)$2,238
($11,829)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense426
407
Treasury shares issued for 401(k) contributions1,530
1,601
Depreciation and amortization1,953
1,836
Investment/asset impairment charges, net45
112
Gain on dispositions, net(9,672)
(46)
777X and 767 reach-forward losses5,283
4,079
Other charges and credits, net264
528
Changes in assets and liabilities –
Accounts receivable(95)
(37)
Unbilled receivables(677)
(60)
Advances and progress billings(723)
4,069
Inventories(1,501)
(12,353)
Other current assets155
(16)
Accounts payable724
(793)
Accrued liabilities1,341
1,563
Income taxes receivable, payable and deferred115
(567)
Other long-term liabilities(346)
(329)
Pension and other postretirement plans(593)
(959)
Financing receivables and operating lease equipment, net274
512
Other324
202
Net cash provided/(used) by operating activities1,065
(12,080)
Cash flows – investing activities:
Payments to acquire property, plant and equipment(2,942)
(2,230)
Proceeds from disposals of property, plant and equipment 82
49
Acquisitions, net of cash acquired(1,248)
(50)
Proceeds from dispositions10,585
124
Contributions to investments(51,938)
(13,856)
Proceeds from investments46,628
4,743
Supplier notes receivable(662)
(694)
Repayments on supplier notes receivable2
40
Purchase of distribution rights(9)
(88)
Other1
(11)
Net cash provided/(used) by investing activities499
(11,973)
Cash flows – financing activities:
New borrowings165
10,161
Debt repayments(3,621)
(8,673)
Common stock issuance, net of issuance costs
18,200
Mandatory convertible preferred stock issuance, net of issuance costs
5,657
Employee taxes on certain share-based payment arrangements(34)
(83)
Dividends paid on mandatory convertible preferred stock(331)
—
Other58
(53)
Net cash (used)/provided by financing activities(3,763)
25,209
Effect of exchange rate changes on cash and cash equivalents40
(47)
Net (decrease)/increase in cash & cash equivalents, including restricted(2,159)
1,109
Cash & cash equivalents, including restricted, at beginning of year13,822
12,713
Cash & cash equivalents, including restricted, at end of year11,663
13,822
Less restricted cash & cash equivalents, included in Investments742
21
Cash & cash equivalents at end of year$10,921
$13,801
The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
Twelve months ended
December 31
Three months ended
December 31(Dollars in millions)2025
2024
2025
2024
Revenues:
Commercial Airplanes$41,494
$22,861
$11,379
$4,762
Defense, Space & Security27,234
23,918
7,417
5,411
Global Services20,923
19,954
5,209
5,119
Unallocated items, eliminations and other(188)
(216)
(57)
(50)
Total revenues$89,463
$66,517
$23,948
$15,242
Earnings/(loss) from operations:
Commercial Airplanes($7,079)
($7,969)
($632)
($2,090)
Defense, Space & Security(128)
(5,413)
(507)
(2,267)
Global Services13,474
3,618
10,544
998
Segment operating earnings/(loss)6,267
(9,764)
9,405
(3,359)
Unallocated items, eliminations and other(3,031)
(2,047)
(886)
(683)
FAS/CAS service cost adjustment1,045
1,104
258
272
Earnings/(loss) from operations4,281
(10,707)
8,777
(3,770)
Other income, net1,125
1,222
201
432
Interest and debt expense(2,771)
(2,725)
(659)
(755)
Earnings/(loss) before income taxes2,635
(12,210)
8,319
(4,093)
Income tax (expense)/benefit(397)
381
(99)
232
Net earnings/(loss)2,238
(11,829)
8,220
(3,861)
Less: net earnings/(loss) attributable to noncontrolling interest3
(12)
4
Net earnings/(loss) attributable to Boeing shareholders2,235
(11,817)
8,220
(3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period345
58
86
58
Net earnings/(loss) attributable to Boeing common shareholders$1,890
($11,875)
$8,134
($3,923)
Research and development expense, net:
Commercial Airplanes$2,202
$2,386
$545
$534
Defense, Space & Security877
917
259
189
Global Services125
132
34
29
Other411
377
126
84
Total research and development expense, net$3,615
$3,812
$964
$836
Unallocated items, eliminations and other:
Share-based plans($49)
$171
($9)
$53
Deferred compensation(182)
(114)
(32)
(14)
Amortization of previously capitalized interest(92)
(93)
(28)
(23)
Research and development expense, net(411)
(377)
(126)
(84)
Eliminations and other unallocated items(2,297)
(1,634)
(691)
(615)
Sub-total (included in Core operating earnings/(loss))(3,031)
(2,047)
(886)
(683)
Pension FAS/CAS service cost adjustment784
811
196
203
Postretirement FAS/CAS service cost adjustment261
293
62
69
FAS/CAS service cost adjustment1,045
1,104
$258
$272
Total($1,986)
($943)
($628)
($411)
The Boeing Company and SubsidiariesOperating and Financial Data(Unaudited)
Deliveries
Twelve months ended
December 31
Three months ended December 31Commercial Airplanes
2025
2024
2025
2024737
447
265
117
36
767
30
18
10
3
777
35
14
6
3
787
88
51
27
15
Total
600
348
160
57
Defense, Space & Security
AH-64 Apache (New)
19
16
5
6AH-64 Apache (Remanufactured)
42
34
14
10CH-47 Chinook (New)
3
4
2
2CH-47 Chinook (Renewed)
11
9
2
2F-15 Models
9
14
2
4F/A-18 Models
14
11
2
6KC-46 Tanker
14
10
5
—MH-139
9
6
3
3P-8 Models
6
4
2
— T-7A Red Hawk
—
2
—
1 Commercial Satellites
4
2
—
2Total1
131
112
37
361 Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions)
December 31
2025
December 31
2024
Commercial Airplanes
$567,290
$435,175
Defense, Space & Security
84,786
64,023
Global Services
29,720
21,403
Unallocated items, eliminations and other
411
735
Total backlog
$682,207
$521,336
Contractual backlog
$639,721
$498,802
Unobligated backlog
42,486
22,534
Total backlog
$682,207
$521,336
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data)
Fourth Quarter 2025
Fourth Quarter 2024
$ millionsPer Share
$ millionsPer ShareRevenues
$23,948
$15,242
Earnings/(loss) from operations (GAAP)
8,777
(3,770)
Operating margins (GAAP)
36.7%
(24.7)%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment
(196)
(203)
Postretirement FAS/CAS service cost adjustment
(62)
(69)
FAS/CAS service cost adjustment
(258)
(272)
Core operating earnings/(loss) (non-GAAP)
$8,519
($4,042)
Core operating margins (non-GAAP)
35.6%
(26.5)%
Diluted earnings/(loss) per share (GAAP)
$10.23
($5.46)
Pension FAS/CAS service cost adjustment
($196)
($0.24)
($203)
($0.28)
Postretirement FAS/CAS service cost adjustment
(62)
(0.08)
(69)
(0.10)
Non-operating pension income
(49)
(0.06)
(108)
(0.15)
Non-operating postretirement income
(5)
(0.01)
(18)
(0.03)
Provision for deferred income taxes on adjustments 1
66
0.08
84
0.12
Subtotal of adjustments
($246)
($0.31)
($314)
($0.44)
Core earnings/(loss) per share (non-GAAP)
$9.92
($5.90)
Diluted weighted average common shares outstanding (in millions)
803.8
717.9
1 The income tax impact is calculated using the U.S. corporate statutory tax rate. The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data)
Full Year 2025
Full Year 2024
$ millionsPer Share
$ millionsPer ShareRevenues
$89,463
$66,517
Earnings/(loss) from operations (GAAP)
4,281
(10,707)
Operating margins (GAAP)
4.8%
(16.1)%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment
(784)
(811)
Postretirement FAS/CAS service cost adjustment
(261)
(293)
FAS/CAS service cost adjustment
(1,045)
(1,104)
Core operating earnings/(loss) (non-GAAP)
$3,236
($11,811)
Core operating margins (non-GAAP)
3.6%
(17.8)%
Diluted earnings/(loss) per share (GAAP)
$2.48
($18.36)
Pension FAS/CAS service cost adjustment
($784)
($1.03)
($811)
($1.26)
Postretirement FAS/CAS service cost adjustment
(261)
(0.34)
(293)
(0.45)
Non-operating pension income
(176)
(0.24)
(476)
(0.74)
Non-operating postretirement income
(19)
(0.02)
(73)
(0.11)
Provision for deferred income taxes on adjustments 1
260
0.34
347
0.54
Subtotal of adjustments
($980)
($1.29)
($1,306)
($2.02)
Core earnings/(loss) per share (non-GAAP)
$1.19
($20.38)
Diluted weighted average common shares outstanding (in millions)
762.3
646.9
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
View original content:https://www.prnewswire.com/news-releases/boeing-reports-fourth-quarter-results-302671199.htmlSOURCE Boeing
Original: Boeing Reports Fourth Quarter Results
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